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Namib Minerals reported higher revenue and earnings for the six months ended June 30, 2026, even as How Mine produced less gold. Revenue rose 40% to $50.8 million and adjusted EBITDA increased 76% to $19.0 million, helped by a higher realized gold price. But the company cut its 2026 production guidance to 26,500–27,000 ounces from 28,000–31,500 ounces because the expanded mill is expected to contribute for only part of the fourth quarter.
What Namib Minerals reported for H1 2026
Namib Minerals announced its results on October 1, 2026, for the six months ended June 30. The company reported improved financial measures alongside lower gold production at How Mine.
| Measure | H1 2026 | H1 2025 |
|---|---|---|
| Revenue | $50.8 million | $36.4 million |
| Average net realized gold price after royalties | $4,195 per ounce | $2,827 per ounce |
| Gold sales volume | 7% lower year over year | Comparison base |
| How Mine production | 11,373 ounces | 12,741 ounces |
| Tonnes milled | 233,000 | 236,000 |
| Average head grade | 1.7 grams per tonne | 1.9 grams per tonne |
| Recovery | 88% | 89% |
| Gross profit | $27.0 million | $13.5 million |
| Gross margin | 53% | 37% |
| Adjusted EBITDA | $19.0 million | $10.8 million |
| Net cash generated from operating activities | $9.3 million | $5.8 million |
All figures are company-reported comparisons for the six-month periods. The release does not establish a formal analyst-consensus comparison, so these results should not be described as a beat or miss.
Why earnings improved while mine output declined
The main financial tailwind was price: the average net realized gold price after royalties rose 48% year over year to $4,195 per ounce. That increase helped lift revenue even though gold sales volume was 7% lower.
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At How Mine, production fell to 11,373 ounces from 12,741. Tonnes milled were broadly similar—233,000 compared with 236,000—but average head grade declined to 1.7 grams per tonne from 1.9, while recovery eased to 88% from 89%. The company also cited cost and efficiency work as contributing to stronger results. It reported gross profit of $27.0 million, double the prior-year $13.5 million, and adjusted EBITDA of $19.0 million, up from $10.8 million.
Why the 2026 production guidance was cut
Namib Minerals reduced its full-year production range to 26,500–27,000 ounces from 28,000–31,500 ounces. The company said the expanded How Mine mill was expected to be commissioned in mid-October and to need six to eight weeks to ramp up. With that schedule, the added capacity would contribute for only part of Q4, limiting its effect on 2026 output.
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This is a lower production outlook, not a production-guidance increase. The improved financial outlook reflects a stronger realized gold price and expected operating capacity; it does not reverse the near-term timing constraint on ounces produced.
What must happen at How Mine and Redwing
How Mine expansion
The company described the mill expansion as substantially complete. It expects processing capacity to increase from approximately 40,500 to 55,000 tonnes per month. Commissioning and the subsequent ramp-up remain forward-looking expectations; the release does not establish that the expanded mill had already reached that capacity.
Redwing restart
Namib Minerals said dewatering at Redwing was completed ahead of schedule. It planned to begin a three-month restart program in October and targeted first gold no later than January 2027. That date is a company target, not confirmation that production has resumed.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What investors should take from the update
The H1 figures show that stronger gold pricing and reported cost and efficiency work lifted revenue and profitability despite lower output at How Mine. The revised production range reflects the timing of the expansion: a late-year commissioning and six-to-eight-week ramp-up leave limited time for additional 2026 production. The expected capacity increase and Redwing restart could affect future output, but both depend on execution and remain company plans or targets.
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Sources: Namib Minerals’ October 1, 2026 results and business update; Namib Minerals investor-relations page.
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